I said last month, “June is likely the peak for median home prices for the year” and on cue the median home price dropped $5,000 or 2% from June to July. I still “expect the median price for greater Phoenix to dip into the $240,000’s.”
If you have a home up for sale, I would strongly suggest dropping the price very aggressively until it sells. Get it sold ASAP. We’re not likely to see much good news for home sellers in the next 6 months.
The blue line is the number of listed homes sold by month. If you thought last fall was weak, wait until this fall.
Last year the number of listings (red line) dropped sharply starting in October. Last month I thought the slowing growth in the number of listings between June 15 and July 15 might foreshadow an early peak in inventory this year. But… no way.
The inventory of homes listed for sale increased at a good clip from July 15 to August 15 so it looks like the downturn in inventory (if we have one) won’t begin until around October like last year.